Jefferies on Kotak Mahindra Recommendation — Outperform, target ₹450. Deutsche is streamlining India operations, not exiting India. Deal pricing is in line with DB’s valuation and attractive for Kotak Bank. Foreign banks struggle with lack of scale and competition in retail business. Accretive transaction, but clarity on leadership will be the catalyst.
GS on L&T Maintain Buy with target price of ₹4,500. The company has significant exposure to West Asia, which has become a primary driver of its international business. As of FY26 end, West Asia accounted for 40 per cent of its total orderbook and 36 per cent of order inflow in FY26. Direct exposure to the renewables and clean hydrogen build-out (~$55–96bn sector scope). Resilience-led capex prioritisation favours execution-ready partners. Physical redundancy and infrastructure spend creates adjacency opportunities (~$37–57bn sector scope). Multi-year visibility reduces earnings cyclicality.
CLSA on Swiggy Foreign holding below 50 per cent will not in itself result in change in status to Indian company. Previously proposed alteration fell short of the 75 per cent threshold required. Given foreign shareholding is now reduced, Swiggy may again try to pass resolution. Swiggy’s quick commerce model may shift from marketplace model to inventory model. This shift to result in better supply chain control leading to higher adjusted EBITDA margins.
Investec on Swiggy Recommendation — Hold, target ₹314. Domestic holding increased to above 50 per cent for the first time for the company. The control aspect is yet to be addressed by the company. The IOCC classification allowed Blinkit to pursue an inventory model. Better assortment management led to 80-100 bps adjusted EBITDA margin expansion. This provided a competitive advantage for Blinkit over players like Swiggy, Flipkart and Amazon.
CLSA on Persistent Maintain High Conviction Outperform with target price of ₹5,659. Nagarro perfect fit. Numerous rationale given by PSYS to justify Nagarro acquisition. Aspires to mid-teens organic revenue growth for the combined Persistent-Nagarro entity. Sees 16-17 per cent EBIT margins in the next 6-8 quarters. Sees 4 per cent EPS accretion to FY28 EPS proforma estimates.
Citi on Kalyan Jewellers Maintains Buy; target price ₹750 unchanged. India revenue grows 38 per cent YoY, below Citi’s 43 per cent estimate. Consolidated revenue rises 38 per cent YoY. Healthy same-store sales growth across key markets. West Asia footfalls impacted by April geopolitical tensions. No new international stores added in Q1. Franchise-led expansion to support revenue growth. Asset-light model to aid deleveraging and improve RoCE.
Goldman Sachs on Info Edge Maintains Buy; raises target price to ₹1,400 from ₹1,330. Q1 billings growth accelerates to 14 per cent YoY. Recruitment billings up 18 per cent YoY; real estate billings up 17 per cent YoY. Expects Q1 revenue growth of 13 per cent and EBITDA growth of 30 per cent. Raises FY27–FY29 revenue estimates by up to 3 per cent. Raises FY27–FY29 net income estimates by up to 4 per cent. Sees sustained mid-teens billings growth as a re-rating catalyst.
JPMorgan on Info Edge Recommendation — Overweight, target ₹1,350. Billings accelerate, likely from premiumisation. Believe growth acceleration boosted by accelerating growth across IT services. Naukri billings growth sustainability is key. Premiumisation-led growth should support higher margins.
Elara Capital on Interglobe Aviation Maintains Buy; no target price specified. Expects IndiGo Q1FY27 PAT at ₹26.3 billion vs ₹21.8 billion YoY. Domestic airfares up 19 per cent YoY; international airfares up 40 per cent YoY. Higher fuel costs partly offset by strong fare growth. Domestic aviation traffic seen down 2 per cent YoY in Q1FY27. Passenger load factor estimated at 83.4 per cent. Sees structural supply constraints supporting airfare strength. Expects medium-term focus to shift to fare durability.
MOSL on Marico Maintains Buy; raises target price to ₹1,000 from ₹950. Expects growth outperformance to continue in FY27. Parachute volumes rebound; VAHO momentum sustained. Food and premium personal care portfolios scaling up. International business focused on premiumisation and diversification. Operating margins to improve as input cost pressures ease. Projects FY26–FY28 CAGR of 13 per cent revenue, 21 per cent EBITDA and 18 per cent APAT. Says premium valuation is likely to sustain. Marico remains a top pick in its coverage universe.
Kotak Securities on Thermax Recommendation — Sell; target ₹4,250 (earlier target ₹4,000). Multi-pronged approach to growth. Focus on internationalisation, product adjacencies, alliances, policy advocacy. Results starting to show up in scale-up of international and new businesses. Troubled businesses turning around on margin; poised for growing scale.
MS India Strategy – Ridham Desai Earnings Preview – Jun-26: Growth intact. Pickup in revenue growth momentum should remain healthy in Q1 though earnings may face pressure from input cost-led margin compression. India remains in a higher earnings growth phase backed by policy stimulus, with high-frequency indicators pointing to potential upside surprises. All 10 sectors are expected to register positive revenue growth. Consumer Discretionary, Communication Services and Industrials leading the pack. Growth in earnings is likely to be led by Communication Services, Materials and Financials. Energy and Industrials are expected to report earnings declines. Bharti Airtel and Axis Bank should be the biggest contributors to aggregate BSE Sensex earnings, while Indigo is expected to be the weakest performer.
Jefferies India Strategy – Mahesh Nandurkar Jun-26 quarter preview – Revenue growth in focus. Resilient activity and rising nominal GDP should drive revenue growth to a 13-quarter high. Higher energy and input costs are likely to weigh on margins for select domestic companies though. Earnings expected to remain resilient with growth ex-O&G and metals expected to grow at 12 per cent YoY. Lending financials (ex-treasury income), non-lending financials and telecom to report strong earnings growth of 15 per cent-plus YoY. Cement, pharma, Indigo and chemicals to post YoY decline in earnings.
